All good executive teams take the time to reflect on the decisions made over the course of a year, helping to recognize errors and make strategical changes for the year ahead. If you are running a life science firm then we have shared four of the most important lessons from 2022, helping you to prepare for what’s to come with confidence.
Recruiting High Quality Candidates is Essential
It may seem obvious, but with the financial downturn that looks poised to continue near term, firms must find the best candidates for every role to ensure that business can continue to boom. Many life science firms have struggled to find the right candidate for their vacancies, choosing to compromise instead. Rather than letting these compromises reduce your effectiveness, take the time to check out the recruitment support you can get from expert teams so that you can look forward to finding the right people every time.
Home Working Widens the Playing Field
There has been plenty of shared opinions about home working and whether it should stay or not, with lots of firms taking specific stances on whether they agree or disagree with it. However, we think that 2022 has shown us that flexibility is the only way to succeed, with work from home options offering a larger pool of potential employees to choose from. If you do decide to allow home working for key roles, then remember to take the time to get it all fully checked and approved by HR to avoid any issues from arising in the new year.
Being Financially Savvy Equals Success
Another key learning point from 2022 is that life science businesses need to be as financially savvy as possible to last the new year, especially as there has been an economic slowdown in the industry. With many firms restructuring as they have challenges raising capital, it is a concerning time for many executives and employees but there are things that you can do to lessen the risk. Strategic financial planning, reducing cash burn and licensing or partnering assets with other companies are all ways to keep cash flowing.
Expecting the Unexpected is Vital
Our final piece of advice for life science business owners is to recognize that even with the best planning and preparation, things can change very quickly and result in unexpected outcomes that we may not even know exist yet! By keeping on top of your business model and having contingency plans, you should be able to make it through any crisis that arrives as the new year commences.
Start Your New Year with the Best Support
If you are committed to making 2023 a success for your business, then getting the right support in place is the first and most crucial step. At GeneCoda®, we offer detailed and targeted recruitment support to life science businesses across the country and are here to help you find the right candidates for your needs. Book a discovery call with our team and learn more about what we can do for you.